IIFL Shares Jump as India Regulator Lifts Ban on Its Gold Loans [Yahoo! Finance]
Jefferies Financial Group Inc. (JEF)
Last jefferies financial group inc. earnings: 10/25 04:42 pm
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Source: Yahoo! Finance
In This Article (Bloomberg) -- IIFL Finance Ltd.'s shares surged to their highest in more than six months after India's central bank lifted restrictions on its gold-backed lending business. Most Read from Bloomberg The shares rose as much as 13% in Mumbai trading amid highest single-day volumes this year. The ban lift also prompted Jefferies Financial Group Inc. to upgrade the stock to buy from hold on expectations of profit recovery in the coming years. With the Reserve Bank of India lifting the ban on gold loans, “disbursement should resume and ramp up steadily,” Jefferies analysts including Bhaskar Basu wrote in a note. “Pressure on earnings, uncertainty around timing of removal of ban has dampened IIFL's valuations, but this should ease.” The months-long regulatory ban on the gold loan business put IIFL Finance under strain, raising the risk of a credit rating downgrade, Bloomberg News reported Thursday. Lifting of the curbs should ease the pressure on the shadow lender
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JEF
Earnings
- 6/26/24 - Miss
JEF
Sec Filings
- 9/19/24 - Form 4
- 9/19/24 - Form 424B2
- 9/17/24 - Form 424B2
- JEF's page on the SEC website